Presentation - Sally Dixon - Society of Actuaries in Ireland

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Presentation - Sally Dixon - Society of Actuaries in Ireland

The Actuarial Profession

Society of Actuaries in Ireland

Education Strategy 2005

Sally Dixon

9 December 2002


Agenda

• Why change

• The new structure

• International perspective

• Education survey

• Next stages


Agenda

• Why change


Why change Factors influencing

developments in actuarial education

• Broadening range of roles for actuaries

• Pace of change

• Competition for bright students

• Globalisation of actuarial profession

• Increased work pressure on trainees

• Commitment to a unified profession


Agenda

• Why change

• The new structure


Outline structure

Specialist

Specialist

Specialist

Specialist

Core

Technical

Specialist

Specialist

Specialist

Specialist


Core Technical

• Financial Mathematics

• Finance and Financial Reporting

• Probability and Mathematical Statistics

• Modelling

• Contingencies

• Statistical Methods

• Economics

• Financial Economics


Business skills/competencies

• Two day introductory course on

business awareness

• Further reading confirmed by employer

sign-off

• Learning log to track acquisition of

relevant skills

• Business emphasis elsewhere, eg Core

Applications


Core Applications

• Concepts from all areas analysed

• Key headings produced

• Comparison with Australian actuarial

control cycle


Core applications

Background

1 Introduction

2 Stakeholders

3 General environment

Solving problems

4 Specifying the problem

5 Input validation

6 Producing the solution

Monitoring

7 Living with the solution

8 Monitoring

9 Actuarial control cycle

10 Professionalism


Core Applications Themes

• Business (project management)

•Risk

• Assets

• Communication

• Professionalism


Specialist Stage

• Specialist Technical

students choose 2 subjects

• Specialist Applications

1 subject (country-specific)

• Possible alternatives

- exemption from "relevant qualifications"

- research project


Specialisms

• Life Assurance

• General Insurance

• Health and care

• Finance

• Investment

• Pensions and Employee benefits


Agenda

• Why change

• The new structure

• International perspective


International Goals

• Joint principles agreed

• Common technical stage

• Common core applications stage

• Commonality to level of IAA syllabus

guidelines

• Compliant with Groupe Consultatif

guidelines


International comparisons

Core

Technical

Preliminary

Education

Core

Technical

+ + +

Core

Applications

ASA

Course

Actuarial

Control Cycle

1 specialism +

1 other paper

+ + +

1 specialism

1 specialism

Investment

paper

= FIA/FFA = FSA = FIAA


Advantages of co-operation

• Educational needs of actuaries worldwide are

converging

• A profession which behaves globally is well

placed to attract the "brightest and best"

students

• Increasing numbers of actuaries are

qualifying in one country and working in

another

• Sharing syllabuses/exams leads to efficient

use of resources


Agenda

• Why change

• The new structure

• International perspective

• Education survey


Education survey

• UMIST diploma/ SIAS/

Education strategy

implementation

committee

• Email to c4,500

‘younger members with

website link

• 1057 responses

• Topics: Current/ 305/

2005 strategy/

assessment methods/

’fairness’/ work

experience

450

400

350

300

250

200

150

100

50

0

Institute Faculty

Fellow

home

Fellow

overseas

Student

home

Student

overseas


Key findings

• Email communication

• 305 popular

• Overall positive re 2005

changes

– care re transition

• Should test

communication skills

• Work experience

valuable

• Alternative

assessments

– Open book

– IT: concern re cheating

– Strong views on

dissertations


Agenda

• Why change

• The new structure

• International perspective

• Education survey

• Next stages


Next stages: timetable

Syllabuses published - September 2002

Transitional arrangements

agreed - December 2002

Core reading completed - Summer 2003

Tuition material completed - May 2004

First exams - April 2005


Next Stages: issues

• Transition arrangements

• Assessment approaches

• Work experience requirement


Principles of Transition

• All passes that a student has gained under the old

strategy should be meaningful in the new strategy.

• All current subjects will map into something in the

new strategy but may only be counted once.

• We will aim to be helpful to students in transition

while maintaining standards.

• We would like to achieve a situation where no

student has to take an increased number of

examinations in the new strategy. However, this may

be difficult to achieve.


Principles of Transition

• We do not want anyone to qualify simply because of

the syllabus change.

• University students will be treated in cohorts and we

will recognise this could produce some delays in

terms of the students’ entry in to the new syllabuses.

• We will review the situation for 2007 examinations.


Assessment

Core Technical:

Core Applications:

Specialist:

Introductory business course

six 3 hour exams

2 "on demand" exams

Two 2½ hour exams on content

Communications paper

Modelling course

Three 3 hour exams

Regulatory test


Assessment methods

Survey results:

What is happening

• Open book exam

popular

• Communications should

be assessed

• IT assessment:

cheating concern

• Dissertations: strong

views (pro and con)

• Specialist applications

likely to be open book

• Communication

assessment

• ‘On demand’ exams at

designated centres;

modelling course

• Investigating (carefully)

alternatives at specialist

level


Work experience requirement

Survey results:

• 94%: work experience

valuable/ very valuable

• Mode: 3 year

requirement; median 4

year requirement

• Favoured more

structured approach to

work experience

requirement

What is happening

• Work experience

requirement of 3 years

(Institute and Faculty)

• More structured

approach with skills

sign-off

• Professional

Competence Task

Force reviewing


The Actuarial Profession

Society of Actuaries in Ireland

Education Strategy 2005

Sally Dixon

9 December 2002

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